QuestSoft and Calyx Integration Strengthens Compliance with New HMDA Rules
QuestSoft Testing Database and Calyx Software automate collection, reporting of new HMDA standards
LAGUNA HILLS, CALIF., December 4, 2017 – QuestSoft®, a provider of automated mortgage compliance software, and Calyx Software®, a leading provider of comprehensive mortgage software solutions for banks, credit unions, mortgage bankers, wholesale and correspondent lenders and brokers, today announced that they have completed their integration and are providing a complete testing environment for the collection of 2018 data for the new HMDA rule.
The integration, which combines QuestSoft’s Compliance RELIEF® platform seamlessly into the Calyx Point® loan origination software (LOS), ensures that all 110 required data elements for 2018 HMDA flow from Point into QuestSoft’s compliance solution. This reduces potential errors and regulatory audit concerns. The latest update from both companies includes 215 new validity error codes and 42 new quality checks required by CFPB guidelines released in late August. With the testing capabilities now available before collecting data on live loans begins on January 1, 2018, lenders can test for accuracy and adjust processes as needed.
“The new HMDA rule significantly increases the amount of data disclosed to the CFPB—making technology essential to lenders’ collecting, scrubbing, reviewing and reporting efforts,” said Bob Dougherty, Vice President of Business Development at Calyx Software. “By partnering with one of the leaders in mortgage compliance, our lender clients can feel confident they are prepared for the upcoming HMDA changes, including reporting and error codes, using an interface that simplifies the process.”
Compliance RELIEF combines QuestSoft’s HMDA RELIEF® and CRA RELIEF® software, as well as geocoding, automated mapping and tools that simplify compliance for other supported regulations including Fair Lending and NMLS Mortgage Call Reports, into one single compliance umbrella.
Calyx Point combines the latest technology and compliance rulesets with the functionality that mortgage professionals require for loan marketing, prequalification, origination and processing.
“It is vital that lenders have a seamless connection of loan data between the LOS and compliance system,” said Leonard Ryan, QuestSoft President. “Eliminating manual data entry and ensuring both the LOS and Compliance RELIEF have all the data fields, error codes and quality checks in one system takes the complexity out of HMDA compliance.”
Laguna Hills, Calif.-based QuestSoft is a leading provider of comprehensive compliance software and services for the mortgage, banking and credit union industries. QuestSoft combines 20+ years of mortgage regulatory, CRA and Fair Lending compliance analytics, data management and software design expertise with best-in-class customer service to consistently improve client compliance accuracy and facilitate smoother regulatory audits. QuestSoft products, interfaced with over 40 LOS providers, enable more than 2,500 clients to simplify and speed the collection, analysis, compilation and reporting of key lending regulatory report data. For more information, call 800-575-4632, ext. 1, or visit www.questsoft.com.
About Calyx Software
Calyx Software is a provider of innovative solutions to help streamline and simplify all phases of the loan process. The company’s loan origination software offerings include Point and PointCentral® for banks, credit unions, mortgage bankers and brokers; INK-it®, a secure electronic signature solution; and WebCaster®, a website plug-in tool. For more information call (800) 362-2599 or visit www.calyxsoftware.com.